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Archive: May, 2015

Posts in May, 2015

Exemption cannot be denied merely for claim under wrong section

May 15, 2015 4707 Views 0 comment Print

Annam Software Pvt. Ltd. vs. CIT (ITAT Chennai) Assesse, an EOU, filed its return claiming exemption u/s 10 B. A.O. rejected assesse’s claim. In appellate proceedings , assesse raised a plea that in relevant year it had claimed deduction u/s 10 A

SEBI : (Mutual Funds) (Amendment Regulations 2015

May 15, 2015 766 Views 0 comment Print

Provided that the requirements of this clause shall not apply if the funds managed are of Category I foreign portfolio investors and/or Category II foreign portfolio investors which are appropriately regulated broad based funds, as specified in Securities and Exchange Board of India (Foreign Portfolio Investors) Regulations, 2014.

Former CIT A.K. Purwar gets 3 years simple imprisonment

May 15, 2015 1651 Views 0 comment Print

Three Years Imprisonment with Fine of Rs. One Lakh to Then Commissioner of Income Tax and Two Years Imprisonment with Fine of Rs. 50,000/- To His Wife in a Disproportionate Assets Case The Special Judge for CBI cases, Mumbai (Maharashtra) has convicted Shri Ashok Kumar Purwar, then Commissioner of Income Tax (an IRS Officer of […]

DVAT- Due date for 4th Quarter Return extended to 22/05/2015

May 15, 2015 6653 Views 0 comment Print

CIRCULAR NO.10 of 2015-16 I, Sanjeev Khirwar, Commissioner, Value Added Tax, do hereby extend the last date of filing of online/hard copy of fourth quarter return for the year 2014-15, in Form DVAT-16, DVAT-17 and DVAT-48 along with required annexures /enclosures to 22/05/2015

Sustained Increase in Revenues, A Key to Successful Fiscal Consolidation At States Level –

May 15, 2015 465 Views 0 comment Print

Today, the Reserve Bank of India (RBI) released the report titled ‘State Finances: A Study of Budgets of 2014-15’, an annual publication that provides data, analysis and an assessment of the finances of state governments.

Notification No. 28/2015 – Central Excise Dated 15th May, 2015

May 15, 2015 2610 Views 1 comment Print

Notification No. 28/2015-Central Excise Amendment in Notification No. 22/2003 and 23/2003- Central Excise, dated the 31st March, 2003. Central Government, on being satisfied that it is necessary in the public interest so to do, hereby directs that each of the notifications of the Government of India, Ministry of Finance (Department of Revenue), specified in column (2) of the Table hereto annexed shall be amended or further amended, as the case may be, in the manner specified in the corresponding entry in column (3) of the said Table, namely:-

Notification No. 33/2015–Customs Dated- 8th May, 2015

May 15, 2015 2346 Views 0 comment Print

In exercise of the powers conferred by sub-section (1) of section 25 of the Customs Act, 1962 (52 of 1962), the Central Government being satisfied that it is necessary in the public interest so to do, hereby directs that each of the notifications of the

Notification No. 45/2015-Customs (N.T.) Dated-15th May, 2015

May 15, 2015 1797 Views 0 comment Print

Notification No. 45/2015 – Customs (N. T.) Dated-15th May, 2015 S.O. … (E).– In exercise of the powers conferred by sub-section (2) of section 14 of the Customs Act, 1962 (52 of 1962), the Central Board of Excise & Customs, being satisfied that it is necessary and expedient so to do, hereby makes the following amendment in the notification of the Government of India

SC upholds constitutional validity of NCLT

May 15, 2015 6674 Views 0 comment Print

MADRAS BAR ASSOCIATION Vs. UNION OF INDIA & ANR. (Supreme Court) The petitioner felt aggrieved by that part of the judgment vide which establishments of NCLT and NCLAT was held to be Constitutional.

Black Money Bill Passed by Rajya Sabha

May 15, 2015 7120 Views 0 comment Print

CA Sahil Garg The Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Bill, 2015 is passed in Lok Sabha on 11th of May 2015 and in Rajya Sabha on 13th May 2015. It states that Undisclosed Foreign Income and Assets shall be taxed separately under this Act and therefore, such income shall […]

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